EconoBEE Newsletter 18 February 2010 – BEE Financial Year End

EconoBEE – Newsletter February 2010

EconoBEE - BEE Points = Business
BEE Rating Period – Last Chance

February is an important time of the year for most companies, primarily because it marks the end of their financial year. Quite importantly for BEE purposes, the scorecard is verified on that financial year period.

The effect of this can be quite dramatic, in particular for a company who has not yet earned all the BEE points they expected.

Since verification usually requires a 12 month period, commonly the financial year, only data that fits into that year is eligible. It is not possible to earn more points after the year has come to an end.

What do you need to do now?

Make absolutely sure you have earned enough points by calculating your scorecard now. If you have fallen short find an avenue to earn the extra points. Enterprise Development and Socio-economic Development in particular are excellent, effective and meaningful ways to earn BEE Points.

Enterprise Development – Quick Wins

Enterprise Development is amongst the easiest, yet most empowering BEE points on the scorecard. As a result of true genuine Enterprise Development a small company can not only become sustainable but also grow into a successful business. This success creates skills, jobs and by flow through assists the South African economy.

The only draw back right now is – you need to spend your ED targets before your year end, which for most is February 2010.

The cost of Enterprise Development is 2% of Net Profit After Tax (if you are a QSE) or 3% (if you are a Generic). The codes talk of cumulative spend but verification agencies tend to accept spend in the current year saving you from having to catch up spend from previous years if you had not done so. A detailed explanation is available.

Mabuya Glass, our Enterprise Development beneficiary is producing the most wonderful glass whiteboards. Through our efforts, we have helped Mabuya Glass with design, marketing and management amongst others, which culminates into a perfected product that simply looks fantastic.

Mabuya Glass, glass whiteboards are available in various sizes: 900 x 600, 1200 x 1000 and are available at very reasonable prices. The design includes rounded corners, white backing with an elegant glass border. Contact for more info or 011 483 1190.

Socio-economic Development – Quick Wins

South Africa sadly has no shortage of suitable beneficiaries for this element, but if you have not spent your 1% of Net Profit After Tax target contact and we will recommend a qualifying beneficiary.

Whomever you donate to, please ensure they give you a signed statement as to the beneficiaries they support and keep all evidence for verification.

BEE Knowledgeable – Workshops, Seminars and Conferences

Full day seminars are a great way to get all the knowledge and tools to Become BEE Compliant. We host various full day courses which can also be customised and presented in-house.
The Practical Implementation of BEE Seminar
Johannesburg – 25 February 2010
Cape Town – 25 March 2010
Durban – 15 April 2010

Half day BEE workshops are run regularly at our offices. In addition to the BEE workshop, we have introduced a workshop that will show companies how to optimise their BEE scorecard.
CourseVenue and Time
BEE Scorecard WorkshopJohannesburg – every Tuesday
BEE Scorecard Optimisation WorkshopJohannesburg – 16 March 2010
For more information on either our workshop or our full day seminar please call EconoBEE on 0861 11 3094.
For a complete schedule click here.

    Is BEE procurement a pain? Sort it out quick and easy – click here.

    Not sure how to get a BEE Scorecard, click here to see a demonstration of how best to produce your own BEE scorecard.
    EconoBEE Newsletter
    18 February 2010

    In this issue

    • BEE Rating Period – Last Chance
    • Enterprise Development – Quick Wins
    • Socio-economic Development – Quick Wins

    In other news

    About EconoBEE

    EconoBEE is a BEE consultancy that has developed extremely effective tools to measure and implement Broad Based Black Economic Empowerment. Our services focus on the business side of BEE.  Our services include EconoBEE Scorecard, BEE Scorecard Workshops, EME Pack, Document Pack, EconoLog and the 10 Step Process to BEE Compliance.

    Our company supports various organisations and drives the BEE Expert Group to help maintain and develop knowledge in the BEE industry.

    Already have a BEE Certificate?

    Please send it to us and we will include it in our BEE Procured database.

    Contact Us

    Tel: 0861 11 3094 or 011 483 1190
    Fax: 011 483 1195

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    Forward to a friend

    Know someone who might be interested in the email? Why not forward this email to them.

    Mabuya Glass Whiteboards

    Support true enterprise development – contact Mabuya Glass for your glass white board – easy to install and use, and it looks really smart. Msizi has stock. Msizi thanks the PG Group for their kind assistance and support. Call Thuli on 011 483 1190 for information.

    BEE Points = Happy Customers = Sustainable Business

    That’s it for the time being.
    Gavin and the EconoBEE Team

    Executive summary of B-BBEE

    Turnover below R5 million per annum – automatic BEE status

    Turnover above R5 million per annum – you need a BEE Scorecard. Our workshops, scorecard tools, procurement manager or advanced managed services will be best for you.

    Complete Managed BEE Service


    As part of the complete service a consultant will be present during the verification process. This means appeals or any other issues get handled instantly.

    10 Strategic Steps to B-BBEE!

    We have prepared an easy to follow guide “B-BBEE in 5 Minutes” and “Crash Course to BEE Verification” which explains BEE in a simple step by step approach.

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